Rob Alday & Rachel Peterman

This update is a little delayed due to the fact that Rob and I took a little trip to New Orleans to attend the wedding of a friend. We had a great time in the "Big Easy" but as usual we are grateful to be back home!

At the end of last week, the Park City market saw 10 closings, 13 properties go pending, and 47 new on the market.

Of note:

-Lower Deer Valley Fawngrove unit had a $50,000 price reduction to $945k.
-Shooting Star condo in Empire Pass at Deer Valley came on the market at $2.275m (2114 sq ft, 3bd/4ba)
-1.47 acre Glenwild lot #150 is active at $890,000

-2 different cottages at Tuhaye closed one for $1,549,370 (2753 sq ft, 3bd/3ba) and the other at $2,355,345 (4940 sq ft, 6bd/7ba)
-Ski in/Ski out Silver Star condo at Park City Mountain Resort closed at $985,000 (1420 sq ft, 2bd/3ba)

-Another Deer Valley Solamere home went under contract at $2,698,000 (6051 sq ft, 6bd/7ba)
-Silver Strike at Empire Pass in Deer Valley unit is pending at $2,225,000 (1697 sq ft, 2bd/3ba)
-Cottage at Tuhaye went under contract for $2,255,490 (3834 sq ft, 5bd/5ba)
-Townhome at April Mountain went pending at $1,895,000 (4130 sq ft, 5bd/ba)

I love going through this information and realizing that there is positive growth in our market. Sometimes it's so easy to get caught up in the whirlwind of negative thinking these days. I think by focusing on the positive aspects of our business we can all stand to benefit.

Happy Monday!

Yesterday we had terrific snow and today we had delightful sunshine! It's the second day of another wonderful week in Park City. The news on TV just keeps yammering on and on about the down market and the never ending supply of bad news.....but here in Park City, Utah we have plenty of other interesting topics to discuss.....

-Talisker is scheduled to hear back from the city on their proposed Park City Heights project, which would provide over 200 work force housing units on 240 acres at Quinn's Junction. Over 70% of the project is to remain open space. The biggest hurdle here seems to be the impact of traffic on Hwy. 248. If the employees had to ride the bus in to town and there was a general store on site for daily goods, some of that traffic might be relieved.

-Promontory developer and Pivotal Group CEO Francis Najafi is scheduled to meet privately with Promontory members on Friday afternoon (4/11/08), to give his side of the Promontory bankruptcy fiasco. There should be a lot of fireworks out there! If we hear any explosions we will let you know. Most members feel Najafi is using the bankruptcy as leverage to get out of the development, where he has supposedly pocketed over $100m. The word around the membership is that the club was not in financial distress, and is getting a black-eye from Pivotal bailing out.

-We have seen a lower Deer Valley home with the views pictured below come on the market at $2.495m (5100 sq ft, 5bd/5.5ba).

-4 bedroom Ironwood unit in Upper Deer Valley's Empire Pass close at $4.455m (3852 sq ft, 4bd/7ba)
-Larkspur town-home also in Empire Pass closed at $4.265m (3615 sq ft, 4bd/5ba)
-Enclave unit in Deer Valley's Silver Lake area closed at $995,000 (1712 sq ft, 2bd/3ba)
-A 5 bedroom new home in Old Town Park City on Woodside Ave. closed at over $1200 ppsf.

That is all for now. Please let us know if you have any questions regarding Park City real estate.

*****Please note that the opinions listed in this post are strictly that and if you'd like additional specific information on the topics listed feel free to contact us*****

See the 2007 year-end stats from the resorts around the Rocky Mountains. While the number of sales decreased in Park City the average sales price was up, which boosted our total volume up by 3% over 2006. Park City is still a great buy when compared to some of the other high-end resort towns in the West.

There was plenty of snow to keep this amazing ski season going strong over the weekend. We skied powder up to our knees on Sunday and it snowed even more today. By Wednesday the weather reporters are predicting even more glorious flakes to come our way, making the end of the week a great time to take a Spring Ski Vacation. Not only is the snow fabulous, but so is the sun shine. It's warm and sunny - living up to what visitors to Park City expect. The ski beach at Silver Lake Lodge at Deer Valley is nothing short of heaven on a day like today!

On another note, here are some interesting goings on in the local real estate market from over the weekend:
-26 new properties came on to the market
-19 properties had a price change
-11 went under contract
-4 closed

Specific Transactions To Take Note Of:

-2 homes in Lower Deer Valley went under contract - onein Hidden Meadows which was listed at $3.65m, the other home is in Nordic Village and was priced at $1.199m

-A lot went under contract in Lower Deer Valley's Hidden Meadows neighborhood - the vacant land was priced at $1.25m

-A lot in Wolf Creek Ranch Estates went pending that was on the market for $1.7m

-We saw a home come on the market at Glenwild priced at $4.55m for 7710 sq ft. Glenwild has been very active this winter, and rumor has it that Tiger Woods was in town this weekend looking for a home in the gated community that holds the states #1 golf course. Maybe he will buy a home near his friend Michael Jordan, who recently decided to purchase in Glenwild as well.

-A possible 15 acre development parcel on the Jordanelle came on the market at $1.895m

-We also saw a home in Promontory go under contract. The 6800 sq ft. residence was listed at $3.399m

Park City is amazing this time of year. We feel so lucky to be able to enjoy the sun and snow and the sport - all at once!

Tomorrow will be a fun day for Rob in particular - it's his BIRTHDAY!!! April 1st here in Park City is the traditional day Rob and a group of friends spend at Deer Valley skiing while dressed up in goofy outfits. Not only do they dress up, they also partake in what they call the "Deer Valley Six Pack". There just so happen to be six places on the Deer Valley Resort mountain where one can purchase beer. Rob and his friends challenge themselves every April 1st to stop by each and every one of the six locations and purchase a beer. They ski from place to place taking some great runs and in between - sipping cold beers. By the end of the day the group (generally dressed in bear suits, clown costumes, eighties metallic one-piece ski suits and rainbow wig helmet covers) finally comes back down to Silver Lake Lodge to have the last beer of the day and toast their accomplishing the "Deer Valley Six Pack"!!! So if you happen to be at Deer Valley tomorrow and notice a slightly wobbly group of friends dressed in silly costumes as they tool around the slopes, don't forget to tell Rob "Happy Birthday!" or even to join the group yourself!

Happy Monday,
Rachel Peterman